|Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13|
|Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:-|
• Employee has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs. 10 thousand.
• The total Income of the employee does not exceed Rs. 5 Lakh (Total Income means Gross Total Income Less deductions under Chapter VIA).
• The Employee has reported his PAN to the employer.
• Employee has reported his income from interest on savings bank account to employer.
• Employee has received Form 16 from his employer.
• Total Tax Liability of employee has been paid off by employer by way of TDS and employer has deposited TDS with central government.
• Employee has no refund claim.
• Employee has received salary only from one employer.
• Employee has not received any Notice from Income Tax Department for filing of Income Tax return.
Source : PIB Press Release
FAQ on this circular (Published by I.T. Dept)
Friday, July 20, 2012
Income under 5 lacs from salary ? No need to file return
at 9:56:00 PM
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